Leejam Sports Company in Fitness Time achieved a net profit of about 46.01 million riyals in the first quarter of 2022, compared to losses of about 6.97 million riyals in the same quarter of 2021.
On a quarterly basis, the company's net profit declined by 46.44%, compared to a profit of about 85.91 million riyals in the fourth quarter of 2021.
According to Arab Net, Fitness Time said in a statement today, Wednesday, that the increase in net profit in the first quarter of 2022, on an annual basis, came as a result of an increase in revenues by an amount of 83.07 million riyals, partially offset by an increase in the cost of revenues by an amount of 27.83 million riyals, and a net increase in all other costs, including financing and zakat costs, by 2.26 million riyals.
The company attributed the increase in revenues to an increase in membership revenues, personal training, rents and other revenues by 83.07 million riyals, mainly due to the opening of new centers and the increase in operating days in the first quarter of 2022, compared to the same quarter of the previous year
